How is this even possible? I'm drooling looking at the specs compared to the price.

Maybe google intends to only make this available directly, meaning that there aren't subsidies nor carrier profit margin concerns. $350 for this device that's going to drive billions in ad revenue is about right. NO google phones should cost as much as they do.

Given that the vast majority of iPhone devices are bought at wholesale prices by carriers, and the iPhone is Apple's most profitable product at roughly 100% markup (50% margin) the overpricing of mobile tech is evident, but until someone like Google does something like this and the bottom drops out, consumers think they're paying a "fair price" (regardless of what the consumer may think of the value of the product).